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Mazars in Thailand
Mazars in Thailand is a leading audit, accounting, tax, legal and advisory practice, combining the benefits of an integrated global partnership with the entrepreneurial drive of the senior advisors.

Our values
Strong values have been at the heart of our organisation since its creation. They guide us in our daily actions, providing a common base of values that all Mazars’ partners and teams share and respect. These values are detailed in Mazars’ Charter, individually signed by each partner.

Mazars Worldwide
Mazars can rely on the skills of 18,000 professionals in the 79 countries which make up its integrated partnership in Europe, Africa, the Middle East, Asia Pacific, North America, Latin America and the Caribbean.

The Forum of Firms
Mazars is a member of the Forum of Firms.
The Forum of Firms is an association of international networks of accounting firms. The objective of the Forum of Firms is to promote consistent and high quality standards of financial and auditing practices world-wide.

The Praxity Alliance
Mazars is a member of Praxity AISBL, the world's largest Alliance of independent and unaffiliated audit and consultancy companies. Recognizing the support arising from globalization we are able to recommend renowned companies in significant countries. Our contacts to these Praxity participating firms enable our clients a professional support in their transnational activities from a single source.

Marcalliance
The members of the Alliance seek to provide clients with practical, effective and expedient responses, allowing them to minimize costs, enhance value and properly position themselves for the future.

Mazars, a different player in auditing, accounting, tax and advisory services in Thailand

Standards applicable at 30 June 2016

To coincide with the preparation of interim financial reports, we present an overview of the IASB’s most recent publications.

Keywords: Mazars, Thailand, IFRS, EU, IASB, IFRIC, IAS

11 July 2016

For each text, we clarify whether it is mandatory for this closing of accounts, or whether early application is permitted, based on the EU endorsement status report (Position 8 June 2016):

As a reminder, the following principles govern the first application of the IASB’s standards and interpretations:

The IASB’s draft standards cannot be applied as they are not published standards.

IFRIC’s draft interpretations may be applied if the two following conditions are met: The draft does not conflict with currently applicable IFRSs;

The draft does not modify an existing interpretation which is currently mandatory.

Standards published but not yet adopted by the European Union may be applied if the European adoption process is completed before the interim financial reports have been approved by the relevant authority (i.e. usually the board of directors).

Interpretations published but not yet adopted by the European Union at the end of the interim financial reporting period may be applied unless they conflict with standards or interpretations currently applicable in Europe.

It should also be noted that under IAS 34 “Interim Financial Reporting”, the changes in accounting policies required by new standards must also be disclosed in the interim financial reporting published during the course of the year.

Situation of European Union adoption process for standards and amendments published by the IASB

Standard

Subject

Effective date according to IASB

Date of publication in the Official Journal

Application status at 30 June 2016

Annual improvements to IFRSs 2010-2012 Cycle

Annual improvements to various Standards

(issued on 12 December 2013)

1/07/2014 Early application permitted

9 January 2015

Effective for annual periods beginning on or after 1 February 2015

Mandatory

Amendments

to IAS 19

Defined Benefit Plans: Employee Contributions

(issued on 21 November 2013)

1/07/2014 Early application permitted

9 January 2015

Effective for annual periods beginning on or after 1 February 2015

Mandatory

Annual improvements to IFRSs 2012-2014 Cycle

Annual improvements to various Standards

(issued on 25 September 2014)

1/01/2016 Early application permitted

16 December 2015

Effective for annual periods beginning on or after 1 January 2016

Mandatory

Amendments to IAS 16 and IAS 38

Clarification of Acceptable Methods of Depreciation and Amortisation (issued on 12 May 2014)

1/01/2016

Early application permitted

(prospectively)

3 December 2015

Effective for annual periods beginning on or after 1 January 2016

Mandatory

Amendments to IAS 16 and IAS 41

Bearer Plants

(issued on 30 June 2014)

1/01/2016

Early application permitted

24 November 2015

Effective for annual periods beginning onafter 1 January 2016

Mandatory

Amendment to IAS 27

Equity Method in Separate Financial Statements

(issued on 12 August 2014)

1/01/2016

Early application permitted

23 December 2015

Effective for annual periods beginning on or after 1 January 2016

Mandatory

Amendment to IAS 1

Disclosure Initiative

(issued on 18 December 2014)

1/01/2016

Early application permitted

19 December 2015

Effective for annual periods beginning on or after 1 January 2016

Mandatory

Amendments to IFRS 10, IFRS 12 and IAS 28

Investment Entities: Applying the Consolidation Exception

(issued on 18 December 2014)

1/01/2016

Early application permitted

Awaiting endorsement by the EU

(expected in Q3 2016)

Permitted (1)

Amendments to IFRS 10 and IAS 28

Sale or Contribution of Assets between an Investor and its Associate or Joint Venture

(issued on 11 September 2014)

Postponed

Early application permitted

Differed

Permitted (2)

(*) The IASB has deferred the effective date of IFRS 15 by one year (i.e. for annual reporting periods beginning on or after 1 January 2018.

(1) If the amendment is a clarification of an existing standard and is not in contradiction with current standards